What is business development in simple terms?

Many companies have increasingly sought business developers. Nevertheless, few people can answer the question of what exactly is hidden behind this concept and what kind of competencies a business developer should have.
Features of the work of a specialist
In the most general sense, business development is the tasks and processes involved in the analysis of potential growth and supporting and monitoring the realization of these opportunities.
Business development helps mitigate risk by reducing two common management problems that hinder company growth: a lack of resources to make informed decisions about potential development points for senior executives and a lack of communication between preparing growth opportunities and their actual implementation.
Among the main features of the direction:
consulting on the specifics of the development of a particular business in the right direction;
understanding of entrepreneurial and commercial activities to promote goods and services;
it is crucial to understand the theory of enterprise organization.
The duties of a business developer can be performed both by an internal employee of the company and by a third-party specialist. By itself, the business developer does not make executive decisions. His task is to unlock growth potential and create long-term value for the company. This specialist provides good recommendations to improve business performance. At the same time, the head of the company has the right to use or not use these recommendations.
How to develop a business?
So, the business developer is responsible for finding growth opportunities and building long-term value for the company. If you combine all the opinions, you can distinguish two critical areas that business developers work on: the target market and relationships. The company’s growth potential may lie in the expansion of the market. Business development is a direction that is actively developing. Therefore it attracts the attention of an increasing number of entrepreneurs.

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